Cynergy Bank business banking review
Cynergy Bank is a UK-based specialist bank that focuses on business banking, property finance, and savings solutions. It primarily serves entrepreneurs, business owners, property investors, and high-net-worth individuals.
Key features of Cynergy Bank
1. Business and personal banking
- Business current accounts: Tailored for SMEs and high-growth businesses.
- Personal savings accounts: Competitive rates on fixed-term and instant-access deposits.
- FSCS protection up to £85,000 per eligible depositor.
- Foreign currency accounts: Multi-currency banking for international business needs.
2. Business and commercial lending
- Commercial property loans: Tailored financing for property investment and development.
- Business loans: Secured and unsecured options for SMEs.
- Bridging finance: Short-term funding solutions for property transactions.
- Trade finance: Supporting businesses with import/export financial solutions.
3. Savings and investment products
- Fixed-term deposits: Competitive interest rates for long-term savings.
- Notice accounts: Higher rates with flexible withdrawal options.
- Instant access savings: Provides flexibility for savers needing immediate funds.
4. Digital and relationship banking
- Hybrid banking approach: Combines digital banking with personalised relationship management.
- Secure online banking platform: Features biometric login and fraud prevention tools.
- Dedicated relationship managers: Personalised service for business and high-net-worth clients.
5. International banking services
- Multi-currency accounts: Supports international business transactions.
- Foreign exchange services: Competitive FX rates for global transactions.
- International payment solutions: SWIFT and SEPA transfers for overseas clients.
Cynergy Bank fees and pricing
1. Business current account fees
- Monthly account fees: Varies based on account type.
- Transaction charges: Fees apply for cash deposits, withdrawals, and international payments.
- Overdraft interest rates: Custom rates based on business assessment.
2. Savings account fees
- No maintenance fees.
- Early withdrawal penalties may apply to fixed-term deposits.
3. Lending fees
- Loan arrangement fees: Typically a percentage of the loan amount.
- Early repayment charges: Apply to fixed-term business loans.
- Bridging loan costs: Interest rates vary depending on loan duration and risk profile.
Pros and cons of Cynergy Bank
Pros
- Specialist lending solutions for businesses and property investors.
- FSCS protection for eligible deposits.
- Multi-currency banking and trade finance services.
- Personalised relationship banking for high-net-worth clients.
- Competitive fixed-term savings rates.
Cons
- Limited physical branch network, as banking is primarily digital.
- Higher account fees compared to some mainstream banks.
- No personal current accounts, as services focus on business and savings.
- Strict eligibility criteria for business lending.
How Cynergy Bank compares to competitors
| Feature | Cynergy Bank | Barclays Business | HSBC Business | Metro Bank |
|---|---|---|---|---|
| Business banking | Yes | Yes | Yes | Yes |
| Personal savings | Yes | Yes | Yes | Yes |
| Commercial lending | Yes | Yes | Yes | Yes |
| International banking | Yes | Yes | Yes | No |
| Relationship manager | Yes | No (except large clients) | Yes | No |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Ideal for | Business owners, property investors | SMEs, startups | SMEs, corporates | SMEs, startups |
Who should use Cynergy Bank?
- Property investors and developers: Offers tailored financing for property purchases.
- SMEs and business owners: Provides business loans and current accounts.
- High-net-worth individuals: Personalised relationship banking and wealth solutions.
- Businesses with international transactions: Multi-currency accounts and FX services.
Our verdict
Cynergy Bank is a specialist business and property finance provider offering commercial banking, lending, and savings solutions. Its strong focus on high-net-worth individuals, property investors, and SMEs makes it a compelling choice for businesses needing tailored financial solutions.
However, its limited branch access and higher account fees may not suit businesses looking for traditional high-street banking services. For those needing specialist lending, trade finance, and relationship banking, Cynergy Bank provides a strong, customised financial solution.